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- Problem set Production Functians Given the gellowing hy pothetical data an (x) and tätal Phypical Pro duct (TPP) oy XZ Carporation. input Marginal Phuysical Product (MPP) Input x) Tatal Physical Pně duct (TPP) Average Phyoi cal Product CAPP) 14 24 8. 32 10 38 12 42 14 44 44 18 42 20 30 02411:16 Fri 10O Dec * 9 80% •.. managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A Page 8 of 46 AP Microeconomics 9 of 46 AP CollegeBoard Test Booklet Unit 5 Problem Set - FRQ's Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Central Manufacturing Company is the only manufacturing facility in a small remote town, and Central Manufacturing Company is the only employer of machinists in the area. The graph below shows the market for machinists with the marginal factor (resource) cost curve, the labor supply curve, and the marginal revenue product curve. 120 Marginal Factor Cost Supply 75 63 57 45 36 Marginal Revenue Product 15 210 300 600 800 Quantity of Machinists 105 420 480 150 240 380 560 (a) If the wage rate is $63, state whether there will be…Manual tasks are now replaced by automation where technologies are used to produce and deliver goods and services with minimal human intervention. What is the effect of automation for a company? O a. Survival O b. Increase efficiency O c. Increase workload O d. Redundant task.
- Could I please have help answering the original question and checking my isoquant pointscost of car ut whent + is ig st 15 plus 1. G&G Cat Food sells cans of cat food to customers. The quantity of output (cans of cat food) and the corresponding number of employees per hour in the following table: VC ATC: AC AFCA AUC MC($/can) ATC($/can) AVC($/can) Employees/hr Isnisnal 1 2 3 4 5 6 Cans/hr 10 20 28 32 35 37 TC($) G&G Cat Food is a profit maximizing firm in a perfectly competitive market, and each employee earns $20 per hour. Fixed costs come from a 1-year contract for rents paid on the factory, and are the equivalent of $40 per hour. (a) Fill in the table above. (b) If the market price of cat food is $5 per can, how much cat food would G&G produce per hour? Calculate the hourly profits at this level of output. 391 100 222 (c) What output would be produced if process dell to $1.50 per can? What would profits be in the short run?2. Inputs and outputs Teresa's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Teresa's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Teresa signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Teresa's kitchen cannot fit more than four ovens, Teresa cannot change the number of ovens she uses in her production of pizzas in the short run. However, Teresa's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Teresa lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Teresa's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas)…
- Output per worker (S, thousands) Production lunction (after 225 technological progre Production function 15 20 30 Capital equipment per worker (S, thousands) The figure shows an economy's production function before and after a technological progress. Based on this information, which of the following statements is correct? O The average product of capital at Ais 250,000/70,000 -3.57 O The marginal product of capital atA is (85.000 - 70.000)/ (300,000 - 250,000) = 0.30 O The particular shape of the production function indicates diminishing marginal product of capital As a result of a technological progress, the marginal product of capital rises but the average product of capital remains constant for a given level of capital per workerI need the answer as soon as possible2. Inputs and outputs Becky's Performance Pizza is a small restaurant in Detroit that sells gluten-free pizzas. Becky's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Becky signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Becky's kitchen cannot fit more than four ovens, Becky cannot change the number of ovens she uses in her production of pizzas in the short run. However, Becky's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Becky lets them know how many workers she needs for each day of the week. In the short run, these workers are variable inputs, and the ovens are fixed inputs. Becky's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers)…
- Economics Consider ADNOC decreasing the hourly wage rate (i.e., hourly salary) to all workers employed in her oil factories. Which of the following state OA All Cost curves, except the Fixed Cost, will shift upwards O B. All Cost curves, except the Fixed Cost, will shift downwards OC. All Cost curves (i.e., Fixed, Variable and Total) will shift upwards O D. All Cost curves (i.e., Fixed, Variable and Total) will shift downwardsMC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)9:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…